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Thursday, March 23, 2023

Elon Musk is the first individual in the history of the world to sustain a loss of more than $200 billion

Elon Musk is now the first person in history to ever lose a fortune that was worth more than $200 billion, about two years after becoming only the second person in history to ever earn such a wealth.

Mr. Musk took over the number one spot on Forbes’ annual billionaires list for the first time in 2022, unseating former Amazon president Jeff Bezos, who had held the title of wealthiest person on the planet for the previous four years.

A year ago, Mr. Musk made history by becoming the second person ever to expand their net worth to more than $200 billion, only a few months after Mr. Bezos achieved the same thing.

In November of 2021, his wealth reached its highest point of $340 billion. The founder and CEO of Tesla and Twitter was projected to have a net worth of $273.6 billion in April. In the previous year, he placed 31st in the world on the Forbes list, and the stock shares of his electric car firm were worth $72.24 each at that time.

As of right now, the CEO of Tesla and Twitter has seen his wealth shrink by billions of dollars, down to a total of $137 billion. This is mostly attributable to the collapsing prices of his shares in the electric car firm.

When he first appeared on the Forbes list in 2012, it was estimated that he had a net worth of $2 billion.

Before December, Mr. Musk had the title of the richest person in the world, but since then, Bernard Arnault, a European fashion magnate, has taken his place.

According to Bloomberg, Tesla is no longer Elon Musk’s most valuable asset because of the precipitous drop in the price of Tesla shares and the massive amount of stock that Elon Musk has sold to help pay for his outrageous $44 billion acquisition of Twitter.

According to the publication, Elon Musk’s stake in Space Exploration Technologies Corp., often known as SpaceX, is worth more than the approximately $44 billion he has invested in Tesla shares.

Mr. Musk has been the subject of intense scrutiny on a global scale as a result of his hands-on management of Twitter, during which he has been responsible for the termination of hundreds of employees, the suspension of journalists who cover his companies, the cessation of regulation of the spread of Covid-19 disinformation, and the readmission of neo-Nazi users and other accounts that had been previously banned.

He also recently dismissed the janitors working at the company’s headquarters in San Francisco, which led to reports that some Twitter employees were required to carry their own toilet paper to work.

In the meanwhile, Tesla is providing customers in the United States with a discount of $7,500 on certain models of its automobiles, and the firm is allegedly cutting production at its factory in Shanghai.

Concerns concerning the demise of his firms have been mostly disregarded by him, and he has instead directed his criticism at the Federal Reserve for increasing interest rates.

A month ago, he expressed his excitement about Tesla’s performance by tweeting, “Tesla is performing better than ever!” “We do not have any influence on the Federal Reserve.”

David Faber
I am a Business Journalist of The National Era
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